Section EZ 47 — Income Tax Act 2007: Election to continue to treat certain excepted financial arrangements as financial arrangements

EZ 47 Election to continue to treat certain excepted financial arrangements as financial arrangements (1) A person may elect to continue to treat all excepted financial arrangements under any of paragraphs (p), (q), (r), (s), (t), (u), and (v) of the definition of excepted financial arrangement as financial arrangements if the person is a holder or an issuer of an arrangement that was entered into on or after the person’s last balance date and before 20 May 1999. (2) A person elects to treat their excepted financial arrangements as financial arrangements by returning income derived and expenditure incurred from the elected arrangements under the old financial arrangements rules in their return of income. (3) A financial arrangement that is an excepted financial arrangement under any of paragraphs (p), (q), (r), (s), (t), (u), and (v) of the definition of excepted financial arrangement is not an excepted financial arrangement for the holder or issuer who elects to treat it as a financial arrangement under subsection (1). Compare: 2004 No 35 s EZ 44